Medical Bankruptcy Due to Downfall of Economy | ciboron.com

As the years go by, more and more people succumb to debt. This is partly due to the rising cost of doctor and hospital care. When you combine this factor along with the current recession, it?s no wonder why patients are having a hard time paying for their medical care. Eventually, patients are unable to keep up with the payments and opt to file medical bankruptcy so that they can escape from collection agencies.

Some people are at a higher risk of getting an illness and in turn, they?re also more prone to file for bankruptcy. For instance, elderly people find that they need medical attention and visits to the doctor more often. They have to pay for medicines, doctor?s fee and extended care facilities. All of these costs deplete their funds and they have a hard time paying the bills. They don?t want to lose all the money they earned their whole lives.

Usually, employees benefit from employer paid medical insurance and this is adequate enough to cover their medical bills. Unfortunately, due to the recession, some employees lost their jobs. They have to find other ways to pay for their medical expenses because they are no longer covered by the employer paid insurance. In some companies, employers have changed insurance coverage to cut back on cost. The employer can increase the deductibles per month or change the percentage of co-payment. The co-pay percentage is affected by factors such as smoking or obesity. It can also affect the coverage of medicines. Even if the employee is insured, the changes in insurance coverage can still lead to unpaid medical bills.

Since patients are often threatened with lawsuits, they often turn to the bankruptcy process. Ideally, a bankruptcy claim should be the last solution people entertain. It?s a serious matter that can affect the state of the person?s finances permanently. It?s highly advised that the patient consult a bankruptcy attorney to determine whether bankruptcy is the right solution. There might be better options depending on the case.

The number of people who have medical debt would probably continue to increase over the years unless there?s a favorable change in the economy. It won?t be a surprise to see more medical bankruptcy filings in the future.

How much is it to go bankrupt? Visit claimingbankruptcy.net to find out.

Source: http://www.ciboron.com/medical-bankruptcy-due-to-downfall-of-economy/255/

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